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IASB Plans to Give FASB Leeway to Join New Accounting Standards Forum

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Hoogervorst agreed with Seidman. “That’s very well put,” he said. “As long as there is no decision, the best you can do is indeed to try to move as close together as possible. If you look around the world, there are a couple of countries that have, prior to adopting IFRS, gone through a couple of years of convergence, making the most important differences in national standards go away. For example, the Mexicans have operated that way. That is one way of doing it, but there the regulator had given the national standard-setter a very clear message: In the end, it’s going to be IFRS. And obviously we would not have made such progress around the world if every country had adopted a continuous convergence goal where you sort of get there in the end. We did reach a lot of progress in the last decade, but there are still quite a few differences between IFRS and U.S. GAAP, and of course U.S. GAAP is very much intertwined with national regulations. That was the case in many other countries that have adopted IFRS. That was the case in South Korea and Brazil. You have to make some adaptations.

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